Bjhkh Essay

2668 words - 11 pages

Corporate Governance refers to the way an organization is directed, administrated or controlled. It includes the set of rules and regulations that affect the manager’s decision and contribute to the way company is perceived by the current and potential stakeholders. The corporate governance structure specifies the distribution of rights and responsibilities among different participants in the corporation such as; boards, managers, shareholders and other stakeholders and spells out the rules and procedures and also decision making assistance on corporate affairs. By doing this, italso provides the structure through which the company’s objectives are set and the means of obtaining those ...view middle of the document...

The improvement of corporate governance practices is widely recognized as one of the essential elements in strengthening the foundation for the long-term economic performance of countries and corporations. In Pakistan, the first Code of Corporate Governance for Pakistan was finalized and issued by SECP in March 2002. Then it was subsequently incorporated in all the listed companies of three stock exchanges in Pakistan. In 2004, SECP took the first step to establish the Pakistan Institute of Corporate Governance in public private partnership.
LITERATURE REVIEW

According to” A Survey of Corporate Governance Practices in Pakistan, 2007”, conducted by: International Finance Corporation and SECP, 92% respondents prepare annual “statement of Ethics and Business Policy”, 48% had “vision and Mission Statement”, and none of the respondents have Code of Corporate Governance. On the other hand, it was also found that 50% of the corporations in Pakistan did not include non-executive directors in their board of directors, 54% have not introduced transaction administration procedure, 53% have not implement a formal remuneration system, and 55% did not have corporate governance improvement plan. Whereas, 31% respondents did not identify the barriers to improve the corporate governance, 69% identified the barriers, 42% had non availability of qualified staff to implement and 21% did have the claim that corporate governance produces sensitive information that cannot be shared with the competitors.

According to Maria Mahar and Thomas Anderson (2008) there are some weaknesses, strengths and economic implications associated with corporate governance systems. It is widely believed that good corporate governance is an important factor in improving the value of a firm in both developing and developed financial markets. However, the relationship between corporate governance and the value of a firm differs in emerging and mature financial markets due to disparate corporate governance structures in these markets resulting from dissimilar social, economic and regulatory conditions in these countries. There is a need to understand the differences which affect the value of a firm for academic investigations, financial and management practices and public regulation of corporations and markets. The variables used by Kashif Rashid (2008): price to book value ratio, market capitalization, gearing ratio, return on total assets, shareholder’s concentration (agency cost), CEO duality, board size, and judicial and regulatory authority efficiency.

Burki and Ahmad (2007) explored the changes of corporate governance in Pakistan’s banking sector and its impact on their efficiencies. They introduced dummy variables as a proxy of corporate governance changes in the banking sector of Pakistan. The result suggested that there was an impact of corporate governance changes on the banking efficiencies. Driffield et al., (2007) examined a positive impact of higher ownership...

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